India boasts one of the largest demographics of individuals between the ages of 25 to 40. Consequently, the demand for higher education in India has touched its all-time peak thanks a growing job market and demand for better livelihood.
Unfortunately, the cost of higher education has reached a substantial amount, making it difficult for individuals to pursue the same. The steep increase in the cost of pursuing higher education has encouraged a majority to students to apply for a student loan in India to finance their education.
More individuals are now open to avail such credit facilities to finance their cost of enrolment in a top educational institution. Also, they must learn how to get a student loan or a loan against property for education to avail the necessary financial assistance at the right time.
The steps below highlight the process to avail a student loan –
Calculate The Estimated Cost – Prospective borrower should find out about the expenses they would have to incur, for instance, in one of the best biotechnology colleges in the world.
Besides the enrolment fee, tuition fees, lab charges, etc. they should also calculate the cost of food, lodging and transportation. It will help them estimate a loan amount that would be adequate for the duration of the course.
Find A Lending Institution – Compare different education loan options extended by various lending institutions. Select a lender who extends substantial loan amount at convenient tenure, with an affordable rate of interest and easy EMI options.
Check Loan Eligibility – After selecting suitable lending institutions, individuals should qualify for a loan against property by meeting their simple eligibility criteria. Most financial institutions extend an education loan to resident Indians with a stable source of income and belonging to a specific age group.
Gather Documents – Individuals must gather all the essential documents necessary for availing a loan. The KYC documents that serve as a proof of identity, address and income proofs are most commonly deemed necessary to apply for a loan.
Additionally, if individuals want to apply for an education loan against their property they would also be asked to submit documents of that asset.
Apply Online – Lastly, they will have to fill out an application form online and submit the essential documents as directed by the institution.
Once you have learnt how to apply for a student loan in India, you can gather information about the best colleges in the world and select a university for enrolment.